Global palm and soybean oil futures rose 8.5-10% in two sessions, following soybean prices

A downgrade in US soybean acreage estimates shocked the market and sent palm oil prices up 8.5% and soybeans up 10% over the past two sessions. September palm oil futures on Bursa Malaysia rose 5.1% to a 3-month high of 3,985 ringgit/t or $854/t (+8.5% over two sessions) on Monday, amid Friday's gains soybean and soybean oil prices on the Chicago Stock Exchange. The speculative jump was not restrained even by the data of the survey company Intertek Testing Services on the decrease of palm oil exports from Malaysia in June by 6.9%. Starting Friday, July futures rose in price on the Chicago Stock Exchange: It's worth noting that soybean oil quotes rose stronger as U.S. soybean inventories as of June 1 were 17% lower than last year, so processors have already started importing soybeans from Brazil to load capacity and lower production costs. On July 3, 2023, contracts for soybean oil rose in price by 6%, and palm oil - by 4.9% on the Chinese stock exchange in Dalian. A sharp rise in ...